Rep. Katie Porter (D-CA) grilled Treasury Secretary Steve Mnuchin over massive losses posted by Deutsche Bank — and over the lender’s inaction over suspicious transactions by President Donald Trump.
The California Democrat asked Mnuchin during a House Financial Services Committee hearing about the German bank’s recent $3 billion loss, and whether Treasury Department banking deregulation could put investors in its U.S. subsidiary at risk.
“How did Deutsche Bank manage to lose $3 billion and not see it coming?” she asked. “How the hell do you lose $3 billion and not see that coming?”
Mnuchin said “a lot of people” lost $3 billion, and he agreed that U.S. officials didn’t want to see that happen again.
“I am familiar with some of their really bad investments, and I find it really hard to believe they made them,” Mnuchin said.
Porter pointed out that Deutsche Bank had failed its own stress tests and engaged in questionable international activity in Iran, Libya, Russia and Syria — and involving the U.S. president.
“It came to light that Deutsche Bank had willfully decided to ignore suspicious activity reports with regard to the president and his son-in-law,” Porter said. “What is your plan to hold Deutsche Bank responsible for failing to do appropriate oversight and respond to the regulatory controls in place with regard to the SARs?”
Mnuchin said he could not comment publicly on SARs, which he read news accounts on, but promised to follow up with the committee.
“Are you planning to ask the German banking authority also to do additional oversight of Deutsche Bank, especially now that we regulate them much less than we used to?” Porter said.
Mnuchin tried to assure Porter that Deutsche Bank’s activity would not jeopardize the U.S. financial system, and he promised to speak with his European counterparts about the issue.
Things are so bad for Republicans the GOP had to send money to Texas
In 2016, then-anti-Trump Republican Sen. Linsey Graham proclaimed, "If we nominate Trump, we will get destroyed.......and we will deserve it." It seems his prediction is coming closer to fruition.
Financial reporting reveals that the Republican Party was forced to send $1.3 million to ruby-red Texas as the election nears.
It was something spotted by ProPublica developer and ex-reporter Derek Willis Sunday.
"That's never happened before," he tweeted.
He noted that the Texas GOP raised $3.3 million in August, but nearly half of that came from their national parents.
What the London ‘Blitz’ reveals about how much pain and tragedy people can handle in 2020
It's hard to imagine how 2020 could possibly get worse. "If we lose Betty White," a friend said on a drive to the Supreme Court to lay flowers.
So many Americans have lost friends or family members to COVID-19. Thousands of Americans survived the virus only to desperately needed organ transplants and forever will struggle to breathe the way they once did. Others are still suffering without smell or taste even three months after having the virus. Millions of Americans are out of work. Debt is stacking up for those trying to survive in the COVID economy. A lack of health insurance can mean hospitalizations from the virus are putting people into bankruptcy.
Stop trying to convince people you’re right — it will never persuade anyone: expert
MSNBC host Joshua Johnson noted that this year has been full of strife, with Americans having a lot to stand up about. Whether the slaying of unarmed Black men and police brutality, or healthcare, and the coronavirus, Americans are lining up to protest.
Johnson asked if people try to start tough conversations, how do they keep it productive, and when it's time to give up. In her book, We Need to Talk, Celest Headlee explains tools that people can use to have productive conversations about tough issues that help move the needle.
"Keep in mind that a protest isn't a conversation, right?" she first began. "That's a different kind of communication. The first thing is that our goal in conversations is not always a productive one. In other words, oftentimes, we go into these conversations hoping to change somebody's mind or convince them that they are wrong. You're just never going to accomplish that. There's no evidence. We haven't been able to -- through years and years of research we haven't been able to find evidence that over a conversation somebody said, 'You're right, I was completely wrong.' You've convinced me. So, we have to stop trying to do that. We have to find a new purpose for those conversations."